In all honesty I’ve made most of the mistakes below myself at some point or another so whether you’re newly self-employed or a budding entrepreneur here are 7 mistakes to avoid when starting your new business.
You have an idea for a product or service and want to become self-employed but you’re waiting for the perfect time to start. Things get in the way such as mortgage, kids, bills and employment. They’re all good valid reasons to wait but also reasons why you’ll never start-up.
Don’t wait, start today (or you never will).
2. God Laughs at those who make plans
Much like the above, I see new businesses start-up and plan to perfection before they officially start-up. Don’t wait or plan too much, start selling immediately. It will show all the pitfalls and costs as well as possible pleasures that your business will face.
Forget the idea of launch date and pre-start, they’re just labels. Just go for it, start selling and see what happens.
3. Factor in support
As a start-up you’re going to have to play multiple roles being the marketer, the teaboy, designer, IT support and accountant but you do have a choice. Learn how to do all of these things or be prepared to pay someone to do it for you. Don’t think of it as a service, think of it as support.
4. Research, Research, Research
Countless times I’ve been told of an original idea by a budding entrepreneur only to find within 1 minutes research that the idea has already been done. There’s no harm in repeating an idea or making it better but do the research thoroughly as it will give you a better idea about your place in the market as well your possible expenditure.
5.Build it and they will come.
6. Be Cheap and they will come
They won’t. Being cheap might help in some circumstances but in
general being the cheaper solution is not a guaranteed sales strategy.
Being cheap :
– Offers a budget option
– Attract one off buyers
There’s nothing wrong with either of the above as long as that’s what
your business plans to do forever.
7.Long Term Sales
Whatever you’re selling try and make your business sales as long term as possible with the use of ongoing contracts, services, maintenance and support. Don’t look for the one off sale, look for the ongoing sale.
Avoiding the above mistakes will help your start up but everyones method and route to success differs which leads to the bonus tips for any
business whether starting-up or established: